Dhan

What Dhan does

Dhan is an Indian retail stock trading and investment platform operated by Raise Securities Private Limited (parent Raise Financial Services), founded in November 2021 and headquartered in Mumbai. The company serves over 1 million (10.3 lakh) active retail users split between active F&O traders and long-term equity investors, competing against Zerodha, Groww, Angel One, and Upstox. Dhan's product surface spans a mobile app, web platform, DEXT T3 desktop terminal, Options Trader app and web, TradingView-integrated tv.dhan.co, DhanHQ Trading APIs, Gold Vault, US Stocks via GIFT City, Margin Trading Facility, SLBM stock lending, and ScanX stock screener. The company holds SEBI Stock Broker registration (INZ000006031), CDSL Depository Participant status, and SEBI Research Analyst registration, and operates its international US-stock offering through IFSCA-regulated Raise IFSC.

Dhan's core technology is the proprietary DEXT trading engine, which executes over 90% of orders in under 20 milliseconds and was benchmarked by Amazon AWS as 6X faster than industry norms for Indian retail traders; the engine powers the DEXT T3 terminal and underpins advanced features such as the Advanced Option Chain with real-time Greeks, Flash Trade, and Super Orders. The platform uses AWS cloud infrastructure and was featured as an AWS customer case study after a single engineer built 170+ trading indicators in eight weeks using AWS Kiro agentic AI tooling. Dhan is the first Indian broker integrated into TradingView's trading panel and offers free TradingView charts to all users, while fuzz provides an AI-powered conversational research assistant for finance queries.

Dhan's revenue model is predominantly transaction-fee based, with a flat ₹20 per executed order on equity intraday, futures, and all segment options accounting for approximately 70% of net operating income per ICRA analysis. Delivery trades, ETFs, IPOs, and mutual funds are free, with monetization coming from F&O trading volumes, Margin Trading Facility interest (from 12.49% p.a.), US stock brokerage (0.25% flat), Gold Vault transaction and storage fees, and SLBM lending revenue. GTM motion is product-led and community-led: free account opening in under 10 minutes, zero AMC, the 72K+ MadeForTrade community, the Indicator by Dhan newsletter, and strategic partnerships with TradingView, AWS, ViewTrade, GlomoPay, and smallcase drive organic acquisition. Dhan became a unicorn in October 2025 after a $120M Series B led by Hornbill Capital and MUFG at a $1.2B valuation.

Name

Dhan

Legal name

Raise Securities Private Limited

Website

https://dhan.co

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

101–250 employees

Short description

Dhan is an Indian retail stock trading and investment platform serving over 1 million active users across active F&O traders and long-term investors, offering multi-asset access through mobile, web, desktop, and API products powered by a proprietary sub-20ms execution engine.

Ownership category

akta.pro rank

Product category

Discount Brokerage

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (523160), Commodity Contracts Intermediation (52316)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Algorithmic Trading & Execution Platforms (FSAFANAN)

akta.pro secondary industry

Commodity Electronic Trading Platforms (Energy/Metals/Agriculture) (FSAFANAF)

Keywords

• Retail brokerage services
• Discount stock trading
• Online investment platform
• Algorithmic trading APIs
• Futures and options trading

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Brokerage - Futures & Options: Flat ₹20 per executed order for equity intraday, futures across all segments, and all segment options. Core revenue driver, accounting for approximately 70% of net operating income per ICRA analysis, reflecting heavy dependence on derivatives trading.
2. Brokerage - US Stocks via GIFT City: Fixed 0.25% brokerage on US stock trades with no account maintenance or custody fees; minimum pay-in of $1 for amounts under $100. Revenue from forex conversion spread on INR-USD transactions.
3. Margin Trading Facility (MTF): Interest-bearing margin lending product offering 4X leverage on 1,700+ stocks; MTF interest starts at 12.49% p.a.; margin funding is interest-free till settlement.
4. Referral and Affiliate Revenue: Referral program for US stocks paying 20% brokerage to referrers on friends' investments; revenue share arrangements with ecosystem partners.
5. Premium/Subscription Features: Revenue diversification planned through insurance distribution and new financial product lines; platform expansion from brokerage-only to full-stack investing ecosystem.

Pricing tiers

Go-to-market motion3 records

Distribution channels9 records

Marketing channels7 records

Core offering

Dhan operates a multi-platform retail trading and investment ecosystem for Indian consumers, offering trading and investing across equity, derivatives (futures and options), commodities, ETFs, mutual funds, IPOs, physical gold/silver, and US stocks. The platform is delivered through proprietary mobile apps (Dhan App, Options Trader App), web platforms (Dhan Web, Options Trader Web), a desktop terminal (DEXT T3) backed by an in-house DEXT trading engine executing over 90% of orders in under 20 milliseconds, free trading APIs (DhanHQ), and integrations with TradingView and smallcase. Account opening is fully self-serve in under 10 minutes with zero account opening or AMC fees.

Product overview

Dhan is an Indian stock trading and investment platform that operates as a multi-product ecosystem offering mobile app, web platform, desktop terminal, and specialized options trading applications. The core Dhan App and Dhan Web serve as the primary trading interfaces across equity, derivatives (futures and options), and commodity segments. Specialized offerings include the Options Trader App and Web for dedicated F&O traders, DEXT T3 desktop terminal for power traders with ultra-low latency execution, Gold Vault for physical gold and silver purchase at live MCX prices with delivery, and US Stocks via GIFT City for fractional investing in US securities. Supporting products include Margin Trading Facility (4X leverage), DhanHQ Trading APIs for algorithmic trading, ScanX stock screener, SLBM for stock lending, smallcases for basket investing, and the fuzz AI research assistant. The platform is integrated with TradingView for charting and smallcase for managed portfolios.

Differentiator

Problem solved

Functional benefit

Products and services

• Dhan App Primary mobile trading application for buying and selling equity, futures, options, commodity, and currency for retail Indian investors; features Advanced Option Chain with Greeks, TradingView Charts, Flash Trade, Trader's Control, and Margin Trading Facility with 4X leverage.
• Dhan Web Desktop web trading platform with TradingView Charts, Advanced Option Chain, Sticky Order Window, Flash Trade, Trader's Controls, fast keyboard shortcuts, and Margin Trading Facility for retail traders who prefer trading from larger screens.
• Options Trader App Dedicated mobile options trading app for India's F&O traders featuring pre-built option strategies (Straddle, Strangle, Iron Condor), F&O Screener and Scanner, Quant Mode with 9 key conditions, real-time payoff graphs, and instant pledge margin.
• Options Trader Web Web-based options trading platform with custom strategy builder, straddle chain, strategy charts and snaps, options trading ideas, and Advanced Option Chain for building, analyzing, and executing F&O strategies from a single interface.
• DEXT T3 Trading Terminal Desktop trading terminal built on Dhan's proprietary DEXT engine with 30+ customisable widgets, 7 prebuilt layouts, Power Scalper mode, keyboard-driven trading, Greeks tracking, and full market depth; available free for Windows and macOS.
• Gold Vault Product enabling retail investors to buy physical gold and silver at live MCX-linked exchange prices with 999 purity, SEBI-registered vault storage, doorstep delivery across 457+ cities, and assured purity through MCX futures settlement.
• US Stocks via GIFT City Service for Indian retail investors to access US-listed stocks and ETFs through the GIFT City/IFSCA framework with fractional investing from $1, 0.25% flat brokerage, no custody or AMC fees, and daily/weekly/monthly SIPs in US securities across 10,000+ stocks.
• Margin Trading Facility (MTF) Leverage product providing 4X margin to trade in 1,700+ stocks with unlimited holding period and interest starting at 12.49% p.a., enabling users to pledge existing stocks for instant margin for intraday and swing trading including BTST positions.
• DhanHQ Trading APIs Public API platform enabling algorithmic trading, app connectivity, and service building for algo traders with Python SDK, liberal rate limits, and comprehensive documentation at dhanhq.co.
• Stock Lending and Borrowing (SLBM) Feature enabling investors to earn passive income by lending idle stocks and ETFs through the exchange's Stock Lending and Borrowing Mechanism, with expected returns of 6-24% per annum on highly liquid stocks.
• ScanX Stock Screener Stock screening tool with 50+ readymade screeners, live market insights, and instant trade execution for filtering stocks based on various trading and investing metrics.
• fuzz AI Research Partner AI-powered research partner that allows users to ask anything about finance, money, or markets and receive conversational responses for financial research and information retrieval.
• Direct Mutual Funds Investment platform for direct mutual funds at 0% commission with portfolio import, tracking of outperformers from mutual fund portfolios, and ability to invest in individual stocks from fund portfolios.
• IPO and NFO Applications Platform for applying to upcoming IPOs, open IPOs, SME IPOs, and New Fund Offerings (NFOs) using mobile UPI at no extra cost.

Quantifiable outcome

• 90%+ of all orders executed in under 20 milliseconds — 6X faster than industry benchmark (per AWS recognition)
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability3 records

Feature7 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• ViewTrade InternationalcoreTechnology or Integration · 12 June 2026ViewTrade serves as the brokerage partner enabling Dhan's US stock investing via GIFT City. The partnership provides execution infrastructure for Nasdaq and NYSE-listed securities, supporting fractional investing and direct order placement.
• GlomoPaycoreTechnology or Integration · 12 June 2026GlomoPay provides payment technology for Dhan's US stocks platform, enabling INR-to-USD conversion and fund transfer for international investing through the GIFT City framework.
• SahamatiminorStrategic or Co-development Partner · 28 April 2026Dhan is one of the investors/stakeholders in Sahamati, the not-for-profit industry alliance for India's Account Aggregator ecosystem. Sahamati raised Rs 50 crore from 30+ financial sector entities to build regulated digital public infrastructure for consent-based financial data sharing under RBI's AA framework.
• Stratzy (Acquired)coreStrategic or Co-development Partner · 21 April 2026Raise Financial Services acquired algorithmic investing and trading platform Stratzy in a cash-and-stock deal valued at $5-6 million. Stratzy operates as India's leading exchange-registered algorithmic trading platform with 100+ approved multi-asset algorithms across equity, indices, F&O, and commodities.
• Infinyte Club (Potential Acquisition)minorStrategic or Co-development Partner · 1 April 2026Dhan is in talks to acquire wealthtech startup Infinyte Club for approximately $10 million in a cash-and-equity deal. The 11-member Infinyte Club team would transition to Raise Financial Services to lead its wealth management business targeting HNIs and emerging wealth management market.
• Amazon Web Services (AWS)coreTechnology or IntegrationAWS provides cloud infrastructure and AI tooling (Kiro, AgentCore) powering Dhan's platform. Dhan was featured as a customer case study, with AWS recognising the DEXT engine as one of the fastest for retail traders in India. Dhan used AWS Kiro to build 170+ trading indicators with one engineer in eight weeks.
• TradingViewcoreTechnology or IntegrationDhan is the first Indian broker to allow order placement directly from TradingView's trading panel. The partnership gives Dhan access to TradingView's global user base of active traders and provides Dhan users with access to TradingView's charting, Pine Editor, community scripts, and bar replay features. Dhan won TradingView's Best Options Broker 2024 award.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Zerodha: India's largest discount broker and pioneer of the flat-fee model; directly competes with Dhan across equity, F&O, commodity, and mutual fund segments targeting active retail traders.
• Groww: Fastest-growing Indian discount broker with the largest active client base (~1.29 crore); competes head-to-head with Dhan on zero-brokerage delivery, F&O, and mutual fund investing for retail investors.
• Angel One: Full-service-to-discount broker with strong F&O presence; competes with Dhan across trading platforms, algo offerings, and a wider range of financial products for retail and high-volume traders.
• Upstox: Tiger Global-backed discount broker offering mobile/web trading across equity, F&O, and commodities; directly competes with Dhan's DEXT T3-style pro-trader offering and active-trader customer base.
• 5paisa: Discount broker offering stocks, F&O, commodities, and mutual funds with a discount-pricing model; competes with Dhan for cost-sensitive retail and active traders.

Broad incumbents

• ICICI Direct: Bank-led full-service brokerage as part of ICICI Group; broader incumbent serving retail, HNI, and institutional clients across trading, IPO, mutual fund, and wealth management — overlapping Dhan's full-stack ambitions.
• HDFC Securities: Bank-affiliated full-service broker offering trading, research, and distribution of IPOs, MFs, and bonds — a wider-portfolio incumbent competing with Dhan's expanding offerings for retail investors.
• Sharekhan (BNP Paribas subsidiary): Established full-service brokerage with active Trader products; overlaps with Dhan in retail trading and research-led investing.
• Robinhood Markets: US-listed fintech retail broker; relevant comparable as the international benchmark for product-led, zero-commission retail brokerage that Dhan's GIFT City US stocks offering emulates at smaller scale.

Emerging players

• Trading 212: Globally-oriented commission-free broker with multi-asset execution; comparable as a retail-first execution platform using flat-fee pricing and modern trading UX — relevant benchmark for Dhan's international ambitions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/DhanHQ
• YouTubeyoutube.com/channel/UCEzHCpvFWoF85UabbzKTkOQ
• Facebookfacebook.com/DhanHQ
• LinkedInlinkedin.com/company/dhanhq/?viewAsMember=true
• Instagraminstagram.com/dhanhq

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dhan